EMDS BELGIUM: what changed
EMDS BELGIUM
Largest movements
- Cash -€77,542
down €77,542 (-56.3%), from €137,843 to €60,301
mainly Trade debts (-€72,641) and Debts after one year (-€66,076)
- Receivables within one year -€43,072
down €43,072 (-51.3%), from €83,921 to €40,849
of which Trade receivables: -€50,755
- Intangible fixed assets -€41,000
down €41,000 (-10.9%), from €375,721 to €334,721
- Tangible fixed assets +€13,331
up €13,331 (+9.2%), from €145,126 to €158,457
of which Land and buildings: +€18,995
- Deferred charges and accrued income +€10,695
up €10,695 (+94.0%), from €11,374 to €22,069
- Trade debts -€72,641
down €72,641 (-81.0%), from €89,638 to €16,998
- Debts after one year -€66,076
down €66,076 (-21.0%), from €315,097 to €249,021
- Reserves +€34,924
up €34,924 (+18.3%), from €190,447 to €225,371
- Tax, wage and social debts -€24,291
down €24,291 (-45.1%), from €53,823 to €29,532
- Other debts -€15,145
down €15,145 (-100%), from €15,145 to €0
- Gross operating margin -€97,464
down €97,464 (-40.5%), from €240,894 to €143,430
- Taxes -€23,259
down €23,259 (-64.6%), from €36,022 to €12,762
- Depreciation +€15,603
up €15,603 (+35.6%), from €43,783 to €59,386
- Other operating charges +€4,510
up €4,510 (+36.3%), from €12,433 to €16,943
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €757,381 | €619,544 | -€137,836 | -18.2% |
| Formation expenses | 20 | €621 | €372 | -€248 | -40.0% |
| Fixed assets | 21/28 | €523,622 | €495,953 | -€27,669 | -5.3% |
| Intangible fixed assets | 21 | €375,721 | €334,721 | -€41,000 | -10.9% |
| Tangible fixed assets | 22/27 | €145,126 | €158,457 | +€13,331 | +9.2% |
| Land and buildings | 22 | €87,150 | €106,146 | +€18,995 | +21.8% |
| Plant, machinery and equipment | 23 | €22,705 | €17,584 | -€5,121 | -22.6% |
| Furniture and vehicles | 24 | €24,447 | €21,779 | -€2,668 | -10.9% |
| Other tangible fixed assets | 26 | €10,824 | €12,949 | +€2,125 | +19.6% |
| Financial fixed assets | 28 | €2,775 | €2,775 | = | 0.0% |
| Current assets | 29/58 | €233,138 | €123,219 | -€109,919 | -47.1% |
| Amounts receivable within one year | 40/41 | €83,921 | €40,849 | -€43,072 | -51.3% |
| Trade receivables | 40 | €83,921 | €33,166 | -€50,755 | -60.5% |
| Other amounts receivable | 41 | €0 | €7,683 | +€7,683 | |
| Cash at bank and in hand | 54/58 | €137,843 | €60,301 | -€77,542 | -56.3% |
| Deferred charges and accrued income | 490/1 | €11,374 | €22,069 | +€10,695 | +94.0% |
| Total equity and liabilities | 10/49 | €757,381 | €619,544 | -€137,836 | -18.2% |
| Equity | 10/15 | €210,447 | €245,371 | +€34,924 | +16.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €190,447 | €225,371 | +€34,924 | +18.3% |
| Distributable reserves | 133 | €190,447 | €225,371 | +€34,924 | +18.3% |
| Amounts payable | 17/49 | €546,934 | €374,173 | -€172,761 | -31.6% |
| Amounts payable after more than one year | 17 | €315,097 | €249,021 | -€66,076 | -21.0% |
| Financial debts | 170/4 | €315,097 | €249,021 | -€66,076 | -21.0% |
| Amounts payable within one year | 42/48 | €228,505 | €120,694 | -€107,811 | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €68,583 | €74,164 | +€5,581 | +8.1% |
| Trade debts | 44 | €89,638 | €16,998 | -€72,641 | -81.0% |
| Suppliers | 440/4 | €89,638 | €16,998 | -€72,641 | -81.0% |
| Advances received on contracts in progress | 46 | €1,315 | €0 | -€1,315 | -100% |
| Taxes, remuneration and social security | 45 | €53,823 | €29,532 | -€24,291 | -45.1% |
| Taxes | 450/3 | €53,823 | €29,532 | -€24,291 | -45.1% |
| Other amounts payable | 47/48 | €15,145 | €0 | -€15,145 | -100% |
| Accrued charges and deferred income | 492/3 | €3,332 | €4,458 | +€1,126 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,783 | €59,386 | +€15,603 | +35.6% |
| Other operating charges | 640/8 | €12,433 | €16,943 | +€4,510 | +36.3% |
| Gross operating margin | 9900 | €240,894 | €143,430 | -€97,464 | -40.5% |
| Operating profit (loss) | 9901 | €184,678 | €67,101 | -€117,577 | -63.7% |
| Financial income | 75/76B | €56 | €73 | +€17 | +31.5% |
| Recurring financial income | 75 | €56 | €73 | +€17 | +31.5% |
| Financial charges | 65/66B | €18,486 | €19,487 | +€1,001 | +5.4% |
| Recurring financial charges | 65 | €18,486 | €19,487 | +€1,001 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €166,247 | €47,687 | -€118,561 | -71.3% |
| Income taxes | 67/77 | €36,022 | €12,762 | -€23,259 | -64.6% |
| Profit (loss) for the period | 9904 | €130,226 | €34,924 | -€95,301 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,226 | €34,924 | -€95,301 | -73.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.